By Mike Lentz | The Mike Lentz Team - Keller Williams Realty
Many South Jersey homeowners have accumulated substantial home equity over the past decade but haven’t checked their current home value in years. That equity could be the missing piece that makes your next move possible, whether you’re upsizing, downsizing, or renovating your current house. Knowing this number changes everything about what you can do next.
Understanding your home equity is one of the most powerful steps you can take as a South Jersey homeowner. Whether you’re considering a move or simply want to know where you stand financially, your home equity represents real wealth that has likely grown substantially over the past several years.
When’s the last time someone told you what your house is worth? Not what some online valuation tool guessed. Not what your neighbor’s house sold for. What yours is actually worth right now.
For a lot of homeowners, it’s been years. And if you’ve been thinking about moving, but higher home prices or mortgage rates have made you hesitate, here’s why it’s time to take a second look at that number.
Your House May Be Worth More Than You Think
Home values have climbed significantly over the past 5-10 years. And even though today’s market is more balanced, homeowners are building wealth every day just by owning their homes. That’s how equity works. As home values rise, and as you make your monthly payments, your equity grows. And it adds up fast.
According to Cotality, the typical homeowner with a mortgage now has $310,500 in equity. That’s not a small number. It’s six figures.
And that’s only the national average. In many states, homeowners have built even more equity than that. Take a look at the map below and see where your state stands. The darker the blue, the more home equity the typical homeowner has there:
Even though every local market is different, the question you should be asking right now is the same: How much equity have you built up?
Because if you don’t know that number, you’re missing out.
This Could Be the Missing Piece in Your Move
Most people assume that because prices are higher and rates aren’t at 3% anymore, moving just isn’t realistic right now. Especially if they already have an ultra-low rate. And that’s understandable – those are real factors.
But they’re not the only factors.
When you have that much equity in your house, you’re not starting from scratch. You’re not scraping together a down payment or hoping the numbers work. You’re walking into your next move with more of an advantage than you think. And that changes the math.
What Your Home Equity Can Do for You
Maybe you’ve outgrown your current house or you’re ready to downsize. Across Camden, Burlington, Gloucester, Salem, and Cumberland counties, homeowners are discovering that their equity could help bridge the gap between where they are today and where they want to be next.
Yes, your next house may cost more than your last one did. But your equity could cover a big chunk of that difference. Depending on how much you’ve built, it could help you:
Use Your Home Equity to Lower Your Monthly Payment on Your Next Home
The bigger your down payment on your next place, the less you have to borrow. And with today’s rates, borrowing less can make a big difference in what you pay every month.
Leverage Home Equity to Buy Your Next House with All Cash
This surprises a lot of people. But some homeowners have built enough equity to buy their next home outright, in cash. According to the National Association of Realtors, more than one-quarter (26%) of repeat buyers paid all cash for their home in July.
Transform the Home You Already Have
Love your neighborhood but not your floor plan? You don’t have to move. Your equity could help fund renovations that make your home fit your life today while potentially adding value for tomorrow.
Your equity doesn’t erase the challenges of the current market. But it does mean you’re walking into your next move with a lot more power and flexibility than you think.
That’s why the value of your home isn’t something you should have to wonder about.
If you’re even thinking about a move, or if you’re just curious what your options might be, the smartest thing you can do is get a Professional Equity Assessment. It’ll give you a real, market-based evaluation of what your house is really worth right now and how much equity you’re working with.
Because once you see the number, maybe it’s not about whether you can afford to move. It’s about what kind of move makes sense for you.
Bottom Line
If it’s been a while since you’ve gotten a professional look at your home’s value, let’s change that.
I’ll provide a free, personalized Home Equity Assessment that estimates what your house could sell for, how much equity you’ve likely built, and what that could mean for your next move. Schedule a quick call and we’ll walk through the details of your home together. Not ready for a call? Our online valuation can get you started, and we can fine-tune the numbers when you are ready!
For the full picture in your county, see our county market reports for Camden, Burlington, Gloucester, Salem, and Cumberland counties.
